Petroleum remains Nigeria’s most valuable export, accounting for the bulk of the country’s foreign trade earnings and placing it among the world’s leading crude exporters, according to new data compiled by StatiSense and the Observatory of Economic Complexity (OEC).
The report lists petroleum as Nigeria’s leading export commodity, alongside other oil-producing nations such as Saudi Arabia, Russia, Norway and the United Arab Emirates. Petroleum also tops the export list in Egypt, Finland, India, Spain and Sweden.
Figures from the OEC show that in 2023, Nigeria exported $63.1 billion worth of goods, ranking 52nd globally. Crude petroleum alone contributed $45.6 billion, followed by petroleum gas ($8.26 billion), gold ($1.54 billion), nitrogenous fertilisers ($1.07 billion) and cocoa beans ($753 million).
The top destinations for Nigerian exports were the United States ($6.14 billion), Spain ($5.89 billion), the Netherlands ($5.26 billion), France ($4.74 billion) and India ($3.88 billion).
Petroleum exports account for more than 80 percent of Nigeria’s total export earnings. Economists warn that this heavy reliance leaves the country vulnerable to global oil price swings, market demand fluctuations, and the ongoing global shift towards renewable energy.
Despite repeated government pledges to diversify the economy, non-oil exports including agricultural produce and manufactured goods remain a small share of total trade. Analysts point to infrastructure deficits, oil theft, underinvestment and policy inconsistency as obstacles to diversification.
Nigeria’s Economic Complexity Index ranking remains low, placing 129th out of 132 countries for trade in 2023. It ranked 95th out of 96 in technology complexity (2021) and 51st out of 137 in research complexity (2023).
Global trade comparisons from the StatiSense dataset show varied export strengths: Kenya exports tea, Ethiopia coffee, South Africa gold, Madagascar vanilla, Japan and Germany vehicle engines, France aircraft, Switzerland gold, and Malaysia electronics.
Nigeria’s reliance on crude mirrors the situation in other oil-dependent economies, but the country also faces domestic challenges such as refining capacity constraints, insecurity in oil-producing regions, and high import dependence for refined petroleum products.
Economists say reducing oil dependence will require structural reforms, targeted investment in non-oil sectors, and improved trade facilitation to boost competitiveness in global markets.
